Elon Wants His Money, And The Highest CEO Pay Ratios

Shareholders will vote on Elon Musk’s ~$45 billion pay package at Tesla’s annual meeting on June 13th, which was originally approved in 2018 but voided earlier this year following a shareholder lawsuit in Delaware. Both Glass Lewis and ISS have recommended voting against the proposal, and Tesla responded with a shareholder letter rebutting many of Glass Lewis’s claims and laying out the case for why the pay package is justified.

Elon Musk is using his X (Twitter) megaphone to voice his opinions:

In 2018 when the package was originally awarded, it was estimated to be worth $2.28 billion and the ratio of his pay to the median employee at Tesla was 40,668. Since then, Musk has taken no salary and earned a combined reported compensation of $23,760, so the CEO pay ratio has been 0 for the last 5 years.

We thought it would be interesting to look at CEO pay ratios at other S&P 500 companies (this is for reported compensation—we will look at realized compensation another day).

Overall, the median CEO compensation was $15.7 million and the median pay ratio was 191 for the 89% of S&P 500 companies that have disclosed so far this year.

Of the 10 companies with the highest CEO pay ratio, 7 are in the Consumer Discretionary sector:

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